Written question asked by Lord Foster of Bath (Liberal Democrat) on Tuesday, 16 July 2002, in the House of Commons. It was due for an answer on Wednesday, 24 July 2002. It was answered by Nigel Griffiths (Labour) on Wednesday, 24 July 2002 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask Mr Chancellor of the Exchequer, pursuant to his Answer of 2nd July, Official Report, column 286W, on the Community Development Venture Capital Fund, if he will list those private sector initiatives in which his Department has invested in the last three years, indicating (a) the amount and (b) the purpose. - No figures.

Answer: Mr. Don Foster: To ask the Chancellor of the Exchequer, pursuant to his answer of 2 July 2002, Official Report, column 286W, on the community development venture capital fund, if he will list those private sector initiatives in which his Department has invested in the last three years, indicating (a) the amount and (b) the purpose. [71364] Nigel Griffiths: I have been asked to reply. The UK High Technology Fund has been developed to encourage institutional investment in predominately early stage high technology venture capital funds, and to increase the finance available for investment in technology based businesses. Government cornerstone investment of £20 million enabled a fund of £126.1 million to be raised. Regional Venture Capital Funds (RVCFs) are being established to ensure that small businesses in each of the English regions have access to equity based finance in amounts below £500,000, and to demonstrate to institutional investors that robust returns can be made in this sector. £155 million of small scale risk capital is now available from the five funds that have become operational during 2002. £46.75 million of this is Government cornerstone investment.

Secondary information